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CPI Aerostructures Announces $2.8 Million Contract Award from Sikorsky Aircraft

December 09, 2008 | About:

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Alternext US: CVU) announced today that it has received a contract from Sikorsky Aircraft Corporation valued at $2.8

Press Release: CPI Aerostructures Announces $2.8 Million Contract Award from Sikorsky Aircraft

United Technologies Corporation provides a broad range of high technology products and services to the building systems and aerospace industries. Those products include Pratt & Whitney aircraft engines space propulsion systems and industrial gas turbines; Carrier heating air conditioning and refrigeration; Otis elevator escalator and people movers; Hamilton Sundstrand aerospace and industrial products; Sikorsky helicopters and International Fuel Cells power systems. (Company Press Release) United Technologies Corp. has a market cap of $46.8 billion; its shares were traded at around $47.97 with a P/E ratio of 9.8 and P/S ratio of 0.85. The dividend yield of United Technologies Corp. stocks is 3.17%. United Technologies Corp. had an annual average earning growth of 13.6% over the past 10 years. GuruFocus rated United Technologies Corp. the business predictability rank of 3-star.

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EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Alternext US: CVU) announced today that it has received a contract from Sikorsky Aircraft Corporation valued at $2.8 million for the S-70B® SEAHAWK® helicopter. CPI Aero will be providing Penguin Missile Launcher assemblies. Delivery of these parts will begin in May, 2009. Sikorsky is a subsidiary of United Technologies Corp. (UTX). The S-70B SEAHAWK weapon system provides international navies with a modern, battle-proven, in-use, low-risk Anti-Submarine Warfare (ASW) / Anti Surface Warfare (ASuW) mission solution. The weapons management system has a flexible open architecture capable of integrating indigenous weapons and mission equipment. This award brings the total new year-to-date awards to a record $55.0 million, compared to only $37.7 million for all of last year. About Sikorsky Aircraft Sikorsky Aircraft Corporation, based in Stratford, Conn., is a world leader in helicopter design, manufacturing, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries. About CPI Aero CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index. The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2007, and Form 10-Q for the quarters ended March 31, 200, June 30, 2008, and September 30, 2008. CPI Aero® is a registered trademark of CPI Aerostructures, Inc. S-70B® Seahawk® and S-92® are unregistered or registered trademarks of Sikorsky Aircraft Corporation.


Source: BusinessWire

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